INTERNATIONAL - An official of India’s Punjab National Bank has received gold and diamond jewellery from a billionaire jeweller accused of being involved in a $2billion (R23.8bn) bank fraud, the federal police told a court on Saturday. 

The state lender in January uncovered the alleged fraud in which several bank officials were suspected of colluding with jeweller Nirav Modi and his uncle Mehul Choksi to issue fraudulent letters of undertakings, for their companies to raise loans from overseas branches of mostly Indian banks. 

The Central Bureau of Investigation, which has arrested 14 people in the case, on Saturday for the first time said bribes were paid to at least one Punjab National Bank official by Modi. 

- REUTERS